Experienced Rochester Bankruptcy Lawyer Provides Needed Relief
Comprehensive consumer bankruptcy counsel throughout southern Minnesota
Are you struggling with bills you can’t possibly pay? Are you getting harassing phone calls from creditors? Are they threatening legal action against you, or are they already garnishing your wages? Is your home on the brink of foreclosure? High debt and aggressive collection tactics can make life unbearable, but the misery doesn’t have to continue. One call to the Murakami Law Firm, LLC can put you on the path to debt relief and peace of mind. For more than 20 years, I have helped residents of Rochester and southern Minnesota solve their financial problems through various strategies, including Chapter 7 and Chapter 13 bankruptcy. I provide highly personal and professional services, so you can be confident you’re making the best decisions for your future.
Personal debt analysis to determine your best debt relief options
What is the best way to resolve debt issues? That depends on many factors, including the type of debt, the interest rate, your income, your age and health, the number of your dependents, and more. If you’re not experienced with debt issues, it’s hard to know what your options are and which choice is the best for you and your family.
Fortunately, reliable help is available. In my bankruptcy law practice, I performed a detailed analysis of my client’s finances and then have a candid discussion about their personal circumstances and goals for the future. I offer sound advice based on decades of experience helping Minnesotans to obtain debt relief. I regularly advise clients on matters related to:
- Chapter 7 bankruptcy — This type of consumer bankruptcy is a dissolution and discharge, meaning you sell property to partially repay creditors, and the court dismisses your remaining eligible debt. Although the dissolution part sounds scary, state and federal laws allow for exemptions of many different types of property up to certain levels, so many debtors get to keep most of what they own. Chapter 7 is a quick way to get relief from credit card bills, medical bills, personal loans, and utility bills, but many forms of debt, such as back taxes, student loans, past-due alimony and child support, and liability judgments are either not dischargeable or limited to rare exceptions. If you want to file Chapter 7, you’ll have to pass the means test, showing that you make less than the median income for a household your size in Minnesota. If all goes well, your Chapter 7 bankruptcy can be final in just a few months.
- Chapter 13 bankruptcy — If you don’t qualify for Chapter 7, or if you have a home you want to keep, Chapter 13 can be a better option. Chapter 13 is for debtors who have a good steady income but still can’t meet their monthly bills. Under Chapter 13, you must submit a payment plan for court approval. The plan, which I help you develop, is based on your monthly disposable income rather than the amount of your debt, so your monthly payment will probably be less than what you are struggling to pay right now. You make monthly payments to the bankruptcy trustee who divides that sum among your creditors. Depending on your income, your plan lasts from three to five years, and when you’re finished, the bankruptcy judge discharges your remaining debt.
- Foreclosure defense — If you are being threatened with foreclosure, filing for bankruptcy can put a stop to that action. The court issues an automatic stay as soon as you file, prohibiting your creditors from taking any action to collect on your debts. This means the bank cannot foreclose on your home. With a Chapter 13 bankruptcy, you may be able to catch up on your mortgage payments and, after the court discharges your remaining debt, accelerate payments to become current.
- Loan workouts — Bankruptcy is not appropriate or necessary for every debt situation. Sometimes it is possible to restructure a loan so you can hold onto the asset and remain in good standing with the lender.
- Consumer protection — When you’re in debt, it can seem as though the whole world is against you. But, in fact, you have many protections through state and federal law. One powerful piece of legislation is the Fair Debt Collection Practices Act (FDCPA). This law allows you to sue creditors and collection agencies that use abusive, harassing, intimidating, or deceptive practices to collect on your debts.
The key to selecting the right debt relief strategy is thorough analysis of all the relevant factors. This is where debtors easily get confused, and their confusion leads to paralysis. Fortunately, I can draw on more than 20 years of experience in bankruptcy law to help you understand the process and how it applies to your specific circumstances. Armed with this understanding, you can make the best decisions for yourself and your family.
Contact an experienced bankruptcy attorney in Rochester for a free debt relief consultation
Choosing the right attorney to handle your debt relief is the first step toward a favorable resolution. Learn how the Murakami Law Firm, LLC can help by taking advantage of a free consultation. Call me today at 507-512-5875 or contact my Rochester office online.